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April loans lull as lenders reflect economic uncertainties

April sees 57,512 house purchase approvals, down 19.4% from March, as economic uncertainty prompts caution within the lending market

On an annual basis, house purchase approvals fall 14.9% from 67,594 completed in April 2015

Proportion of small-deposit lending climbs to 19.1%, up from 17.1% in March to total 10,985 loans, as first-time buyer borrowing begins to fill gap left by buy-to-let sector

April saw a slowdown in house purchase approvals according to the latest Mortgage Monitor from e.surv, the UK’s largest chartered surveyor.

House purchase approvals (seasonally adjusted) in April totalled 57,512, down 19.4% from the 71,357 loans granted the previous month. This substantial fall follows a previous three-month average of 72,693 house purchase approvals since the start of 2016.

Economic uncertainty is playing a role in this drop, as is the new tax regime for BTL purchases, Annually, house purchase lending dropped 14.9% from the 67,594 loans granted in April 2015. Preceeding this year-on-year fall had been annual rises of 20.2%, 17.9% and 14.7% as stamp duty changes caused an uplift in overall lending levels. This also follows unprecedented high lending across the previous quarter, fuelled by buy-to-letborrowing.